Kleiner Perkins doubles iFund to include iPad

Venture capital firm Kleiner Perkins is doubling its iPhone and iPod Touch focused iFund to $200 million to include new applications for the upcoming iPad.

Partner John Doerr said Kleiner Perkins has exhausted its original $100 million fund that it began two years ago. Now with the iPad coming, he said the application boom that began on the iPhone will extend into another wave of apps. And that requires more money, he said.

“We will move beyond spread sheets, word processors and web sites limited by a browser to an interactive, connected world with incredible speed and fluidity,” Doerr said during a press event near its headquarters.

The original iFund has supported 14 companies, four of which are profitable. The companies collectively have made more than $100 million and accounted for more than 100 million downloads. Doerr said those companies have more than 20 iPad specific apps in the works with at least 11 to be released April 3 when the iPad goes on sale.

Kleiner assembled some of its iFund companies for the press event allowing them to talk about the iPad opportunity. Most have had a chance to work with the iPad and talked about how the device will create more engaging and longer experience that require more thought but can lead to more profitable and memorable apps.

“We’re really trying to take advantage of the added real estate and we’re trying to leverage the way users want to use the device,” said Neil Young, CEO and founder of Ngmoco, which is bringing three new games to the iPad.

Ron Okamoto, vice president of worldwide developer relations for Apple said his position has allowed him to see a lot of new and engaging apps coming for the iPad. He said he expects the iPhone app revolution — 150,000 apps and 3 billion downloads — to continue with the iPad.

“That was in 24 months,” he said. “With the iPad coming on board God only knows what will happen next.”